This article is a warning to anyone new or old using Bitcoin and any other cryptocurrencies, we have a new financial tool, and in the case of El Salvador, a new legal currency, and the government gave a custodian wallet so that Salvadorians can use Bitcoin without having to pay the transaction fees which can be high for exchange of your privacy and the fact that your money can be seized at any moment. Privacy and lack of control over your private keys is the price to pay for using a Chivo wallet, that is, the risks of using Bitcoin with any other custodian like Chivo, Wallet of Satoshi, or any other custodian. But the risks don't end there, and as such, I must warn you.
Let me go to the point; there is no online mining, there is no bot to do trading, there is no way to send ten dollars and receive twenty dollars; what I mention they are all just scams, they want to take your money and run with it, and any money they pay at the start is the same money that investors have deposited, but once no new victims come to the scam implodes—those running the scheme run with most of the funds, never to be seen again.
El Salvador is just starting to get into Bitcoin as such, Salvadorians are prey for scams and schemes to take your money; if it seems too good to be true, it is probably a scam, the only way to make money with cryptocurrencies is by buying low and selling high, and there is not any other way around it. If you want to mine, you can do it, but you will have to pay for equipment and electricity cost; there is no such thing as online mining because if you don't hold your mining equipment is not you who is mining but someone else, and you can't mine without expensive hardware, those websites promoting online mining are just taking your money and soon will go offline, and you will lose your money.
Trading bots don't exist either because no one will trade for you; you must do it on your own or in a group on which users have access to their trading accounts and only share ideas for trading but not access keys; trading bot scam work just like the online mining scams they give out investors initial deposits as payments and once enough user have to enter the people who run the scams leave and take the money.
HashFlare was one of the online mining that was a scam, and they exited scam years ago; OneCoin was another platform for defrauding investors. OneCoin was a cryptocurrency-based Ponzi scheme. Suppose you hear the name platform probably is a scam because cryptocurrency doesn't have platforms, and there is no easy way to make money either. In that case, you must always buy low and sell high to make money, and if your trading skills are not good, you will always buy high and sell low.
If you want to make money using cryptocurrencies, you got to trade using well-known exchanges like Coinbase, Kucoin, and Binance, And decentralized exchanges like UniSwap for Ethereum, Sovryn for Bitcoin, and MistSwap and BenSwap for Bitcoin Cash. You could also try yield farming, but that also has risks, but the principle is the same buying low and selling high.
I am from El Salvador, but I have to write in English because I need to reach a wider audience, but my brother will translate this article for my countrymen to read. I hope my people and those who understand this message and take my warning can prosper by investing their money and researching before sending their coins away.
